The Independent Uganda: You get the Truth we Pay the Price
Tororo, Uganda | THE INDEPENDENT | The Governor Bank of Uganda, Michael Ating -Ego has asked financial institutions and stakeholders to re-channel business model strategies that can lift subsistence agriculture to the money economy.
Ating was on Saturday speaking at Rock Classic Hotel Tororo district during a meeting organized by the Bank of Uganda to inform the general public on the bank’s activities and as well get feedback from them on how they can improve their activities.
The Governor said that financial institutions, like banks, should find ways on how they can fund commercial farming and value addition. He notes that many Ugandans have embraced the production of agricultural products, but they are currently facing the challenges of low prices, which result in low production. “The Bank of Uganda has come with an agricultural credit facility, a public-private partnership with institutions to help boost production and value chain addition, and so far, several farmers in the district have benefited from this, however, to achieve economic stability in the country, everybody has a role to play,” he added.
Meanwhile, the leaders asked the bank to work towards reducing the high cost of mobile money services, high interest rates coming from bank loans and misuse of collateral by banks, like misplacing clients’ loan titles and other important documents.
Responding to the concerns, the chairperson of the Uganda Bankers Association, Wilbrod Owor mentioned that the high interest rates in the country are informed by the high operation cost.
Hajji Bateman Sadiq, The Tororo Resident District Commissioner RDC applauded the Bank of Uganda for working towards stabilizing the Ugandan economy over time.
Susan Kanyemibwa, the Bank of Uganda secretary, says after the Town Hall meetings, the bank is set to come up with better policies that will improve the performance of the economy.
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